Latest electricity and gas price cut set to benefit 300,000 customers

Around 300,000 customers are expected to benefit from the latest price reduction from an Irish electricity and gas supplier. 

Energia electricity customers will get a reduction of 7.5pc on their unit rates, it has been announced.

The reduction will come into effect on March 1 of this year. 

This equates to a saving of €129 a year, based on the average annual bill.

Gas customers will receive a reduction of 5pc on their unit rates, or an average of €65 a year.

Dual-fuel customers will get a reduction of 7.5pc for electricity and 5pc for gas on their unit rates. This will amount to a savings of €194 a year, according to  Energia.

There will be a reduction of 7.5pc on unit rates for customers on the Energia Smart Meter electricity plan, or an average of €105 a year.

Energia Smart Meter Dual-Fuel plan customers will receive a reduction of 7.5pc for electricity and 5pc for gas on their unit rates. This works out at an average of €170 a year, the company said.

However, there is no reduction in standing charges, with Energia saying its standing charges are some of the lowest in the market.

Following the latest cuts, the electricity 24-hour unit rate will go to 38.08c per kilowatt hour (kwh), inclusive of Vat.

What the company calls the Smart MCC12 day rate will go to 37.62c a kwh, with the Smart MCC12 night rate at 20.14c a kwh, and the peak rate at 39.43c.

The gas rate will be 11.26c a kwh, inclusive of Vat.

Energia has 300,000 customers in the Republic of Ireland.

It is the second time in the past six months that it has reduced its domestic energy prices. The last one came in October when prices were lowered by 15-20%.

"This reflects our ongoing commitment to provide the best possible value and service for customers," said Gary Ryan, managing director of customer solutions, Energia Group.

"While these further reductions are welcome, we will continue to provide customers who might be experiencing difficulty with support.

"We continue to work with St Vincent de Paul, MABS, Alone, as well as other charities and urge customers to always contact us to find a solution," Mr Ryan said.